Lord Myners
Main Page: Lord Myners (Crossbench - Life peer)Department Debates - View all Lord Myners's debates with the HM Treasury
(13 years, 5 months ago)
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Lord Myners
My Lords, it stretches credulity that the FSA could conclude that there was no sign of governance failure in the Royal Bank of Scotland. From my perspective as a Minister, there was a lamentable failure of leadership, proper inquiry and proper governance in the Royal Bank of Scotland. Does the Minister agree that the FSA should publish its own report on the lessons to be learnt from the collapse of the Royal Bank of Scotland and that it should seriously consider whether it should no longer use accounting firms to conduct Section 166 inquiries of the sort carried out here?
Lord Sassoon
My Lords, I am sure that the FSA will take note of the noble Lord’s suggestions about how it goes about its business. But I can only, as he does, read the conclusion of a report by the FSA that follows an investigation that began in May 2009 and out of which has come one enforcement case.